中国寿险业综合融资能力的动态比较及特征分析

Comparative Study and Character Analysis of the Financing Capacity for China Life Insurance

寿险业近年的融资量不断增加,但偿付能力却未根本改变。本文利用熵值法和动态评价法,计算了各寿险公司2007-2010年的综合融资能力,分析了综合融资能力的差异以及在内部融资、债务融资和股权融资的表现差异和融资特征。结果表明,大型公司的综合融资能力具有明显优势;内部融资能力对寿险公司的影响一直较弱;股权融资的影响力度略大于债务融资,中国寿险业具有明显的股权融资偏好。进一步分析显示,大公司具有较强的内部融资能力,但在债务融资和股权融资方面没有明显优势,同时,外资寿险公司的综合融资能力普遍不高,在各融资渠道方面都有待改善。

Life insurance companies need more capitals because of the premium increases in these years. But the solven- cy hasn＇t changed at all, so it is urgent for companies to find a way to increase the comprehensive financing capability. Using entropy method and dynamic evaluation, the cmnprehensive financing capacity of Chinese life insurance market was analyzed from 2007 to 2010. The results showed that big companies have obvious advantages in comprehensive financing capacity. Ac- cording to the weight of financing channel, internal financing was the smallest one; equity financing was more important than that of debt financing, which showed that life insurance companies in China also prefer to publish stocks. Each company per- formed differently in each financing channel. Those big companies performed very well in the internal financing beeause of the higher profit ratio. But they didn＇t have obvious advantages in debt and equity financing. The financing capacity of foreign life insurance companies should be improved in the future as they performed not very well either in the comprehensive financing ca- pability or each channel. The paper finally indicates that insurance companies should improve the profit if they want to improve the comprehensive financing capacity.